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The key super rates and thresholds for the 2023—24 financial year are outlined below:

 Applies to2022/232023/24
Super Guarantee (SG) rateOTE salary10.5%11%
SGMaximum SG contributions base salary (quarterly)$60,220$62,270
Concessional contributions capEmployer contributions including salary sacrifice (and NTC for defined benefits)$27,500$27,500
Division 293 tax thresholdHigh-income earners$250,000$250,000
Non-concessional contributions capPersonal after-tax contributions$110,000$110,000
Non-concessional contributions bring-forward capIf eligible, the ‘bring-forward’ arrangement allows you to bring forward the equivalent of 1 or 2 years of your annual cap from future years$330,000  $330,000
Transfer balance cap1Lifetime cap for superannuation balance that can be transferred into a tax-free pension$1,700,000$1,900,000
Low rate cap on lump sum super payments2The amount of the taxable component of a super lump sum benefit that you can receive at a lower (or nil) tax rate. Applies to members who have reached preservation age but are under 60.$230,000  $235,000
Government co-contributionsMaximum co-contribution$500$500
 Matching rate50%50%
 Lower-income threshold$42,016$43,445
 Higher-income threshold$57,016$58,445

Minimum annual withdrawal percentages for Retirement Income  by age³

Age and Minimum Drawdown rate %2022/232023/24
Under 652%4%
65-742.5%5%
75-793%6%
80-843.5%7%
85-894.5%9%
90-945.5%11%
95 or more7%14%

¹ Individuals who have already transferred some of their super into a pension account the transfer balance cap will be between $1.6 million and $1.7 million and then the ATO calculates the cap for them.

² The low tax rate cap is reduced by any amount previously applied to the low rate threshold.

³ From 1 July 2023, the temporary reduction in superannuation minimum drawdown ends, and the government’s standard minimum drawdown rates will apply for the 2023/24 financial year.

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